Absolute Blog

The struggle to reduce debt is very real. Many Canadians feel the pressure of the increasing costs of goods, a weak dollar, and rising interest rates and it’s not surprising that the top financial goal of 2019 is to pay down debt. Aside from budgeting and paying down high-interest loans first, another option for reducing…

With the recent regulation changes in Canada, being approved for a mortgage has become a little more difficult. So why are we receiving contradictory information about how quick and easy getting a mortgage can be? Transparency, as we all know, is not a word that would be dominantly used to characterize the banking world, and in many other industries unfortunately.…

There are more interest rate hikes coming. Bank of Canada Governor Stephen Poloz remained on message during the annual meeting of central bankers in Jackson Hole, Wyoming over the weekend. Of course, the questions that also remain are: How many and when? Poloz has been consistent in his message that the Bank will make its…

At this time of year, many people are starting to think about reorganizing and looking over their finances. That said, it’s a great time to re-evaluate, make goals, and research options that could improve your financial well being. Like: Investing Home renovations, repairs, or remodelling Securing a lower mortgage rate (ideally before interest rates rise…

The year is underway! Some of us might have already given up on our resolution(s) and many of us have yet to start. Maybe our resolutions were too strict, not realistic, or we just need to revise them a touch. Regardless, we can all agree that there is always room for improvement! Not surprisingly, some…

(NC) Are you stressed about money? Being in control of your spending is one way of reducing stress in your life. According to Statistics Canada, most of us are burdened with high levels of household debt. Simply put, too many people are spending more than they earn. They are saving less and not saving enough…

Data Release: OSFI extends ‘stress test’ to all new mortgages The Office of the Superintendent of Financial Institutions (OSFI) released revised “B-20” guidelines for residential mortgage underwriting at federally regulated financial institutions. As was widely expected, the updated ‘stress test’ will be applied to all new mortgages beginning in January 1, 2018. Currently the test…

Most people don’t like change is a saying we hear quite often. But there’s also a more optimistic view on change and that it is good. As a mortgage broker, I walk the line between these two trains of thought most days. However, here’s a thought almost every Mortgage Broker agrees on: The federal government…

According to a CIBC survey released in May, more Canadians are planning on renovating their homes this year. These are surprising results given the growing amount of household debt. The survey revealed that 48 percent of Canadian homeowners are planning on renovating their homes this year, which is a 37 percent increase from the year…

Summer time brings Canadians out of hibernation and on the road/sky to their favourite destination, which at some point of the summer, involves going to a property at or near a lake in Canada. Vacation and Recreational homes, a place to escape to and get a little nature in, is just a part of our…

The Bank of Canada seems to be having enough confidence in the country’s economy to hike interest rates. The Senior Deputy Governor of the central bank stated that rates have been extraordinarily low for a long time and that the goal had been achieved in order to combat dwindling oil prices. The governor highlighted that…

The province of Ontario is now proposing a 15 per cent foreign tax on residential properties in the Greater Golden-Horseshoe. The legislation is an effort to cool down the real estate markets in Canada’s two major cities. If it is passed, it would apply from today . Will it have the same affect in Toronto…

Most people who own a home know that when they sell their home, the profit made is one of the few things that are not taxable in Canada. But things got a little more complicated last year, so read on to make sure you’re prepared. In years prior to 2016 it was understood that your…

It’s the beginning of a new year and time to start making new memories for 2017! What has always been on your bucket list that you have never gotten around to doing? It’s a good time to start a list of things you want to accomplish throughout 2017, whether it’s to do with your career,…

In 2012 the max amortization was reduced from 35 years to 25 years so the qualification dropped from $640,000 down to $510,000… OnOctober 17, 2016, the qualification dropped from $540,000 down to $430,000 based on a family income of $80,000 and only 5% down payment. Our clients continued to buy houses after the change in…

On Monday, stricter new federal rules about who can qualify for an insured mortgage took effect across the country. Now, all new mortgage applicants have to pass a ‘stress test,’ which tries to predict whether they can keep up with mortgage payments, at their current salary levels, if interest rates were to rise. Low interest rates have…

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Total CPI inflation in Canada has been around 1 per cent in recent…

To help you protect that investment and find a safe, comfortable place for your family to call home, here is a list of some of the things you should look at before you buy a home, to make sure you won’t end up having to pay for a lot of expensive repairs: Decks and porches—look…

The second half of the year in personal finance is about turning setbacks into opportunities. Britain’s referendum vote to leave the European Union has once again put the global financial system on the defensive. The Canadian dollar has fallen, money has flowed into the safety of bonds, stocks have been up and down and there’s…